The National Securities Clearing Corporation Ltd. (NSCCL), a wholly owned
subsidiary of NSE, was incorporated in August 1995. It was the first clearing
corporation to be established in the country and also the first clearing
corporation in the country to introduce settlement guarantee.

It was set up with the following objectives:

to bring and sustain confidence in clearing and settlement of securities;

to promote and maintain, short and consistent settlement cycles;

to provide counter-party risk guarantee, and

to operate a tight risk containment system.

NSCCL commenced clearing operations in April 1996. It has since completed more
than 2400 settlements (equities segment) without delays or disruptions.

National Securities Clearing Corporation Limited First Indian Clearing
Corporation to get rated

CRISIL has assigned its highest corporate credit rating of ‘AAA’ to the National
Securities Clearing Corporation Ltd (NSCCL). 'AAA' rating indicates highest
degree of strength with regard to honouring debt obligations. NSCCL is the first
Indian Clearing Corporation to get this rating. The rating reflects NSCCL’s
status as Clearing Corporation for NSE, India’s largest stock exchange. The
rating also factors in NSCCL’s rigorous risk management controls and adequate
settlement guarantee cover.